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Claims to enact laws to improve the performance of government and private banks
03/03/2012
Discussed at a symposium of the World Bank report on Iraq
BAGHDAD - Haidar al-Rubaie Filaih
Called experts and specialists in the economic aspect to the importance of formulating a future vision and constructive development of the challenges and priorities desired for financial reform in Iraq, stressing the need for Iraq seeks to provide further support to the banking and financial sector and to allow it to move it to the ranks of Almenkdma, noting that the report World Bank on the financial situation in Iraq, issued in June 2011 called for strengthening the role of state-owned banks and modernize the regulatory framework complete them, which makes it imperative for the government show more flexibility in order to revive the financial realities in Iraq correctly according to specialists. He said experts at a symposium organized by the Institute to apply for policy development which is supervised by economic thinker Dr. Mahdi Al-Hafiz necessity makes it imperative for the country to seek in earnest to organize the work of fact, government banking and private sectors as a first step towards the development of the financial realities in Iraq in general, noting that the seminar which was organized in the light of the results of the World Bank report urged the parties concerned to find radical solutions to the infrastructure of the financial sector, which they said they were still weak and an obstacle and clear in front of events funding, and reform the structure and development of the level required Registration includes Alatmana and the development of an overarching framework and the drafting of legal systems and frameworks, accounting, auditing advanced.
Stressed Dr. Amal Shlash, which took on the importance of managing the discussion topic for the future fiscal and monetary policy in Iraq and its impact on the economic situation in the country, at the time of which he introduced Dr. Mahdi Al-Hafiz initial observations and ideas about the contents of the report and its consequences on the national economy. , Followed by economic expert, Dr. Ahmed Abreha who presented an analysis of the trends and implications of the report. And then held extensive discussions between serious participants in the symposium of experts and economists.
The participants at the seminar that the main conclusion of the report of the World Bank aimed at promoting state-owned banks and modernize the regulatory framework complete. Explaining that although there is significant progress has been achieved in the path of fiscal and monetary in Iraq, such as restoring the formation of the Iraqi Central Bank and the issuance of a new national currency and the expansion to allow the private banks, the efforts are still needed to complete the task of reforming the sector dramatically.
The participants recommended the importance of highlighting the effects of the banking system to the financial system in Iraq with reference to the control of the government banks on most assets in this sector, indicating a trend for private banks (civil) to develop its work and practices in order to secure the performance of advanced banking, but these efforts still need to promotion and development of Mstmrien. calling at the same time the need to reform government banks (especially banks, Rafidain good) and who need to urgent efforts to this goal, stating that the reform includes the redistribution of roles and missions of government banks and private banks, including the Trade Bank of Iraq
(TBA).
He drew the participants in the seminar that financial markets are still mainly in (the financial markets), a body is still small and undeveloped, and that it had a full capacity for development in the future. And that the insurance sector is still limited and subject to the domination of state institutions and non-covered control required. Participants drew that small and medium industries and microfinance are other non-evolving well, in fact, a big job needs to be addressed seriously in the future. noting that some studies indicate that approximately (5) only one percent of projects the economy official has received bank loans.
And gather the participants in the seminar that the World Bank study this comes at a sensitive time for the very development of economic life in the country which make a significant contribution to make to all staff, the financial sector an incentive to overcome the difficulties and problems facing the national economy in general.
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